A$4.2 billion financial services company discovered that their highly paid analysts were spending too much time aggregating data from various providers including Bloomberg, Thomson Reuters, and S&P into a plethora of Excel workbooks.
Each portfolio valuation group controlled a repository containing a loan model. Throughout time, different teams within the financial services company would develop slightly different versions of the loan model as needs changed from group to group. As a result, there was a lack of consistency across the organizational models. These models varied in flavor; different mechanisms, formulas, hard–coded cells, and labeling. It is important for models to maintain consistency throughout the organization so that portfolio valuation techniques remain constant. Inconsistencies in models could mislead financial professionals in guidance to customer.
The organization also had no mechanism for updating the loan models across company. As the financial landscape transforms and asset valuation techniques evolve, the loan model warrants improvements. For such improvements to deliver value to clients, the model must be cleaned and enhanced uniformly across the organization. Use of valuable staff–hours, variation in model flavor and the inability for the organization to stay consistent in upgrading the model called for the change.
To solve the problems of data collection and aggregation, model inconsistencies and model updates, CampTek Software was brought in to develop a team of micro and macro robots to execute the necessary processes and solve this problem.
First, the two supporting robots, an interface bot and data microbots, que and prepare work for the operational robots. Through an email, an analyst or financial services professional, communicates with the team of robots. With an email, the interface bot and data microbots ensure that all data collected is up to date and the appropriate documents exist in the correct directories.
Next, three additional bots complete operational processes within the organization’s system, while navigating challenges in data architecture, existing Excel macros and formatting and file storage. Bot One aggregates summary information from the model to create a final client deliverable report that is ultimately sent to the requesting user. Bot two updates applicable tabs in each individual investment report. For each investment file in the final client report, the automation robot copies information from last quarter into the historical section of the summary table, then prepares a tab for the current quarter. Finally, bot three is an automation that updates an overview tab within Excel files in a manner compatible with upgrades made to Excel macros and the back-end database. Together, the three operational bots update the necessary portfolio valuation sheets across repositories and periodically ensure that the models are uniformly constructed to ensure consistency.
In implementing a robust team of robots, the automation ensures uniformity of models across the organization. Bots One, Two and three ensure that corrections to the model are made even if errors were persisted in the past. Now, the institution has a robust mechanism for making sweeping changes to the model while also providing consistency in the data.
To ensure that the aggregation of all the models were in compliance and met the goals of the project, CampTek Software ran tests over 500 different tests to ensure the automations could handle a variety of exceptions and were able to consistently deliver accurate results. In creating and testing the automations, CampTek Software carefully navigated the existing business processes, excel macros and file storage systems in place to eliminate the need for retraining by the staff on any material. Additionally, building automations without overhauling any existing systems allowed for quick return on investment for the customer.
To deliver rapid ROI for their client, CampTek Software focused on two value-add propositions. First, through rigorous testing and the implementation of automation, CampTek Software ensured the accuracy of the loan models. Without human error, the models consistently delivered quick and accurate results to the analysts. Second, with the use of the RPA bots, CampTek Software freed up the institution’s highly paid and valuable employees to focus on their clients and provide valuable and correct guidance.
CampTek Software is a full life cycle RPA SaaS Provider on the UiPath platform. A well-seasoned team comprised of RPA architects and Certified UiPath and ABBYY developers with over 17 years of expertise developing and supporting RPA applications.
CampTek Software guides their RPA partners no matter where they are on their RPA journey using a proven methodology that includes analysis, development, acceptance, testing, and ongoing support of new and existing processes. Focused on hyper automation and machine learning CampTek Software takes a customer-centric approach to unique business solutions.